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Madoff PLEADS GUILTY To All Charges, GOES TO JAIL
By
Jen Chung
Published Mar 12, 2009
Modified Mar 12, 2009
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By
Jen Chung
Published Mar 12, 2009
Modified Mar 12, 2009
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Bernard Madoff, extreme Ponzi scheme mastermind, arrived at the U.S. District Court this morning around 7 a.m. (video from MyFoxNY —Madoff was transported in a Silver Kia below). He is expected to plead guilty to 11 criminal charges (PDF) related to a $64.8 billion investment fraud involving thousands in the U.S. and overseas. The hearing will not start until 11 a.m.
According to the NY Times, one of the big issues will be his freedom. Madoff has been free on $10 million bail, living under house arrest at his Upper East Side penthouse, ostensibly because he is presumed innocent. The Times reports, if he pleads guilty, "His own lawyers must then persuade the court that he should remain free until his sentencing, perhaps more than two months away, or should at least have a few more weeks of liberty to put his personal life in order." The Wall Street Journal says that U.S. District Court Judge Denny Chin will "give investors a chance to challenge his conclusion whether to accept a guilty plea to securities fraud and perjury, among other charges. He also will let burned investors challenge his decision whether Mr. Madoff should be allowed to await sentencing in his $7 million Manhattan penthouse or immediately go to prison."
More details to be posted as they come.
Update, 10:10 a.m.: Madoff pleads guilty to all 11 charges. When asked by Judge Chin if he wants to plead guilty, the disgraced financier replied, "Yes it is correct."
Update, 10:30 a.m.: Judge Chin is going through the charges and sentencing. It's unclear how many of Madoff's victims will speak, but the courtroom, which has about 150 seats, has many victims present. (Unclear if there's an overflow room for victims to watch on closed-circuit TV.) Ah, apparently Madoff said, "Your Honor, I operated a Ponzi scheme for many years. I am grateful for this opportunity to speak. [I am] deeply sorry and ashamed. I cannot adequately express how sorry I am for what I have done," and adds, "Victims of my fraud include individuals, charities, pension and hedge funds."
Still reading his prepared statement, Madoff admits to given false testimony to the SEC about his business. Also: "I always knew this day would come."
Prosecutors says victims would send him funds and then Madoff would wire the money, mostly to banks in London. He is sitting with his hands folded.
Update, 11:05 a.m.: Madoff's sentencing will be on June 16, at 1:30 p.m.
Update, 11:18 a.m.: CNBC reports that Madoff is going to jail and showed a photograph of a cell at the Metropolitan Correctional Center.
Update, 11:30 a.m.: One Madoff victim, Jesse Cohen, tells CNBC that he didn't feel anything when Madoff apologized—"I'm pretty numb"—but did say that seeing Madoff in handcuffs was a satisfying moment. He added he didn't think that justice was being served—he wants to know why the SEC dropped the ball.
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Bernard Madoff
court hearing
guilty plea
ponzi scheme
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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